Frasers Commercial Trust

Standard Chartered Equities

Real Estate Corporate Access Days 2010
09-10 December 2010
Important notice

Certain statements in this Presentation constitute “forward-looking statements”, including forward-looking financial information. Such forward-looking statement
and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of
FCOT or the Manager, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-
looking statements and financial information. Such forward-looking statements and financial information are based on numerous assumptions regarding the
Manager’s present and future business strategies and the environment in which FCOT or the Manager will operate in the future. Because these statements and
financial information reflect the Manager’s current views concerning future events, these statements and financial information necessarily involve risks,
uncertainties and assumptions. Actual future performance could differ materially from these forward-looking statements and financial information.
The Manager expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement or financial
information contained in this Presentation to reflect any change in the Manager’s expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement or information is based, subject to compliance with all applicable laws and regulations and/or the rules of the SGX-ST
and/or any other regulatory or supervisory body or agency.
The value of Frasers Commercial Trust units (“Units”) and the income derived from them, if any, may fall or rise. Units are not obligations of, deposits in, or
guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount
invested. Investors should note that they have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders may
only deal in their Units through trading on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing of the Units on the SGX-ST does not guarantee a
liquid market for the Units.
This document is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units. The past performance of REIT
and the Manager is not necessarily indicative of the future performance of Frasers Commercial Trust and the Manager.
This Presentation contains certain information with respect to the trade sectors of the Trust’s tenants. The Manager has determined the trade sectors in which the
Trust’s tenants are primarily involved based on the Manager’s general understanding of the business activities conducted by such tenants. The Manager’s
knowledge of the business activities of the Trust’s tenants is necessarily limited and such tenants may conduct business activities that are in addition to, or different
from, those shown herein.
This Presentation includes market and industry data and forecast that have been obtained from internal survey, reports and studies, where appropriate, as well as
market research, publicly available information and industry publications. Industry publications, surveys and forecasts generally state that the information they
contain has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of such included information.
While the Manager has taken reasonable steps to ensure that the information is extracted accurately and in its proper context, the Manager has not independently
verified any of the data from third party sources or ascertained the underlying economic assumptions relied upon therein.
Contents 3

 FCOT overview

 FCOT’s investment proposition

 Supplementary materials
FCOT Overview
 Who we are – Snapshot 55

Singapore’s first Pan Asia listed commercial REIT

Ordinary Units – March 2006 on Singapore Exchange Securities Trading
Limited Ticker ‘FrasersComm’, stock code A48U
Listings CPPUs – March 2010 on Singapore Exchange Securities Trading
(Convertible Perpetual Limited Ticker ‘FrasersComm CPPU 500’, stock code KT8U
Preferred Units)

10 commercial properties in Singapore (66% by asset value), Australia (25%) and

Property Portfolio Japan (9%)

Total Net Lettable Area 2.8 million sq ft

Total Assets S$2.1 billion

as at 30 September 2010

FCOT – S$512.2 million

(Based on FCOT’s closing price of S$0.165 per Unit on 30 November 2010)
Market Capitalisation CPPU – S$332.2 million
(Based on CPPU’s closing price of S$0.97 per Unit on 30 November 2010)
Total – S$844.4 million
 Where we are – geographic and asset 66

With 10 property assets and a strong Singapore anchor to the portfolio, FCOT has
exposure to 5 distinct property markets

Properties Portfolio Value 1 Portfolio Net Property Income 1

Tokyo

Osaka 3 office assets

SINGAPORE 1 business space asset
S$1,298.9 million, (66%) S$54.0 million, (58%)

AUSTRALIA 2 office assets S$502.9 million, (25%) S$30.8 million, (33%)

Singapore

JAPAN 4 office assets S$183.4 million, (9%) S$8.2 million, (9%)

Perth
Canberra

1 As at 30 September 2010, for FY2010

 Portfolio detail – Asset diversification 7

Pan-Asian investment strategy limits exposure to any one concentrated property

market
Asset values 1 Net property income

TOTAL: S$1,985.2 million TOTAL: S$93.038 million FY2010

 Singapore: S$1,298.9 million (66%) Singapore: S$53.989 million (58%)
 Australia: S$502.9 million (25%)  Australia: S$30.829 million (33%)
 Japan: S$183.4 million (9%)  Japan: S$8.220 million (9%)

China Square
China Square
Central, 27%
Central, 18% 55 Market
Galleria Otemae,
Galleria 55 Market 4% Street, 5%
Otemae, 4% Street, 6% Ebara Techno-
Serve, 2%
Ebara Techno- Cosmo Plaza, KeyPoint, 11%
Serve, 2% 1%
Cosmo Plaza, Azabu Aco, 1%
2% KeyPoint, 14%
Azabu Aco, 1% Caroline
AWPF, 2% Chisholm
Centre, 11%

Caroline
Chisholm Alexandra
Centre, 6% Technopark,
Alexandra 23%
Central Park, Technopark, Central Park,
18% 18% 22%

1 Based on the most recent valuation converted to Singapore dollars as at 30 September 2010. See 4QFY10 Financial Statements for further information.
 Results – Financial highlights 8

Full year distributable income increased 31% Y-o-Y

1 Oct 2009 – 30 Sep 2010 Y-o-Y 1
FY10 Contributing factors
(S$ ‘000) Change (%)

 Full twelve months contribution from Alexandra

Gross Revenue 117,934
21% Technopark, more favourable A$ exchange rate

 Increase in Gross Revenue carried through to NPI

Net Property Income 93,038 25% line

Total distributable income 53,303 89%  Higher NPI contribution and lower Finance Costs

- Unitholders 34,465 31%  Higher NPI contribution and lower Finance Costs

- CPPU holders 18,838 NM  Full twelve months distribution for CPPU holders

Distribution per CPPU Unit (Cents) 5.50 NM  Full twelve months distribution for CPPU holders

DPU (cents per Unit) 1.12 29%  DPU increased Y-o-Y in line with NPI

NM – Not meaningful
1 Change in financial year end from 31 December to 30 September, y-o-y change represents the percentage change against corresponding period last year
FCOT’s investment proposition
 FCOT’s investment proposition
Contents 10
10

1. Stability of income
 Strong lease expiry profile
 Stable occupancy and WALE
 Quality tenants and master leases
 Organic growth

2. Solid fundamentals
3. Attractive valuation
 1. Stability of Income – strong lease expiry profile 11

Healthy lease expiry profile

Portfolio lease expiry by gross rental income

50%

28.6%
30% 23.8% 23.8%

11.2% 11.6%
10%

FY11 FY12 FY13 FY14 FY15 and beyond

-10%

Number of leases expiring 88 90 55 8 18

NLA (sq ft) expiring 197,557 568,542 187,138 1,101,918 440,464

Expiries as % total NLA 7.1% 20.5% 6.7% 39.7% 15.9%

Expiries as % total Gross Rental Income 11.2% 28.6% 11.6% 23.8% 23.8%

As at 30 September 2010. Excludes AWPF and retail turnover rent

1. Stability of Income – strong lease expiry profile 12

Only 11.2% of gross rental income is due for renewal for FY11
Property lease expiry as a proportion of total portfolio gross rental income

6% 5.3%
5%
4%
3% 2.2%
1.7%
2%
1.0%
1% 0.3% 0.5%
0%
55 Market Street KeyPoint Central Park Cosmo Plaza Galleria Otemae Azabu Aco

Expiring leases in FY11

Number of
leases 1 60 3 4 18 2
expiring
Average
$10.5 $5.5 AUD $472 ¥7,486 ¥10,709 ¥18,119
passing rent

As at 30 September 2010. Excludes AWPF and retail turnover rent

1. Stability of Income – stable occupancy and WALE 13

Singapore and Australia occupancy rates >96% and contribute more than 93% of
portfolio Net Property Income (“NPI”)

Geographical occupancy and % of NPI contribution

As at
Key portfolio statistics 30 September 2010
Ave Occupancy Rates % of NPI Contribution
WALE by gross rental income 4.1 years
98.8%
100% 96.1% 93.5%
Ave Occupancy 90.8%

Ave Occupancy (Ex – Cosmo) 96.5% 80%

60% 58.0% 55.5%

40% 33.1%

20%
8.8% 7.9%

0%
Singapore Australia Japan Japan (Ex Cosmo)

As at 30 September 2010. Excludes AWPF and retail turnover rent

 1. Stability of Income – quality tenants and master leases 14

Master lessees/ blue chip tenants with long leases contribute 65% of total gross rental
income

Master Leases
Other Tenants,
% (Gross Rental 35.0%
Tenant Lease Expiry Income)
Master Leases,
36.8%
Alexandra Technopark – Orrick Investments Pte Ltd Aug 2014 20.5%
China Square Central – Unicorn Square Limited Mar 2012 16.3%
Total 36.8%

Blue Chip Tenants with Long Leases

% (Gross Rental
Tenant Lease Expiry Income)
Commonwealth of Australia (Centrelink) Jul 2025 9.4%
Blue Chip
Hamersley Iron Pty Ltd Jun 2018 5.2%
Tenants with
Ebara Corporation May 2015 2.4% Long Leases,
Asguard Wealth Solutions Jun 2013 2.0% 28.2%
Gabelle Pty Ltd (Minter Ellison) Jun 2013 2.0%
Dabserv Pty Ltd (Mallesons Stephen Jaques) Jun 2014 1.8% Master Lessees
BHP Billiton Petroleum Pty Ltd Nov 2015 1.8%
+ 65.0% portfolio
DLA Phillips Fox Jun 2020 1.3% = income secured
Blue Chip Tenants with
Plan B Administration Pty Ltd April 2019 1.1%
Long Leases
Government Employees Superannuation Board (WA) May 2017 1.1%
Total 28.2%

As at 30 September 2010. Excludes AWPF and retail turnover rent

1. Stability of income – organic growth 15

Almost 25% of gross rental income has built-in fixed rent step-ups of approximately
4.0% for FY11
FY11 - Fixed % lease rent reviews FY11 - 14 - Portfolio fixed % reviews

GROSS RENTAL INCOME

Portfolio gross rental income
Weighted average fixed step %
Average Total
Property Leases step-up rent Property Portfolio
35% 5%
KeyPoint 10 10.8% 4.6% 0.6%
4.0%

Weighted average % increase

55 Market Street 3 4.6% 24.5% 1.2% 30%

% of gross rental income

4%
Caroline Chisholm 24.9% 3.2%
1 3.0% 100.0% 9.4% 25%
Centre
3.0% 3.0%
Central Park 16 4.3% 56.3% 13.7% 20.1% 3%
20% 18.2%
17.7%
FY11 - Other mid-term lease rent reviews
15%
2%
GROSS RENTAL INCOME
10%
Review Total 1%
Property Leases mechanism Property Portfolio 5%
55 Market Street 1 Market 15.8% 0.8%
0% 0%
Central Park 5 Market 21.4% 5.2% FY11 FY12 FY13 FY14
Central Park 4 CPI 9.5% 2.3%

As at 30 September 2010. Excludes AWPF and retail turnover rent

 FCOT’s investment proposition
Contents 16
16

1. Stability of income
2. Solid fundamentals
 No near-term refinancing risk
 Borrowings hedged
 Positive market outlook
 Growing demand
 Asset enhancements
 Pipeline assets

3. Attractive valuation
 17
2. Solid fundamentals – no near-term refinancing risk 17

Gearing below 40%

Statistics Borrowings and assets by currency

As at
30 September No debt maturing till post-August 2012
1500
2010 1299
Total Assets (S$’000) 2,094,108

Gross Borrowings (S$’000) 828,461 1000

S$ million
Units on Issue and Issuable 3,104,286,128

NAV per Unit (ex-DPU) (S$) 0.27 500 503

500
NAV per Unit (assuming all CPPUs
0.26 183 171
are converted into Units) 1 (S$) 157
Gearing 2 39.6%
0
Interest coverage ratio (times) 3 2.65 Singapore Australia Japan
Average borrowing rate 4 4.1% Properties Debt

1 342,500,000 Series A CPPUs are converted into Conversion Units at the conversion price of S$0.2369 per Unit
2 Calculated as gross borrowing as a percentage of total assets
3 Calculated as (net income before changes in fair values of investment properties, interest, other investment and derivative financial instruments, income tax and
distribution and adding back certain non-recurring items/cash finance costs)/cash finance costs .See accompanying 4Q FY09/10 Financial Statements announcement
for more details. For financial year ended 30 September 2010.
4 For quarter ended 30 September 2010
2. Solid fundamentals – borrowings hedged 18

Hedged more than 80% of Gross Borrowings

Hedging debt Debt composition – floating vs. hedged

As at
As a % of:
30 September 2010 Floating,
19.6%
SGD Borrowings 75.2%

AUD Borrowings 75.8%

JPY Borrowings 100.0%

Total Gross Borrowings 80.4%

Hedged,
80.4%

For quarter ended 30 September 2010

 2. Solid fundamentals – positive market outlook 19

Demand for office space continued to improve

 Market conditions 1 URA office rental index

– Office rents continued to strengthen after turning 200

around in Q2 2010 URA Office Rental Index
180
– Grade A rents rose 6.5% q-o-q to average $9.00 per
sq ft per month up from $8.45 per sq ft per month
160

– Grade A vacancy rate has fallen to 2.8% in Q3 2010 140

from 6.4% in Q2 2010 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

 Supply 2 Singapore office new supply 3

– An estimated 7.0 million sq ft of office space is 3,000  Historical supply

2,500  Forecast supply
expected to be completed between Q410 and 2015
2,000

(‘000 sq ft)
1,500
– After factoring 1.3 million sq ft which will be
1,000
demolished for redevelopment and potential new
supply, average annual supply will be about 1.5 500
million sq ft till 2015. This is not excessive even 0
though it is higher than the historical 10-year -500 2006 2007 2008 2009 2010 2011 2012 2013 2014
annual average take-up of 1.2 million sq ft
1 CB Richard Ellis, “MarketView Singapore”, 3Q2010
2 DTZ Research, Property Times Singapore, “Investment deals surge”, 3Q2010
3 Source: URA; CBRE Research
 2. Solid fundamentals – positive market outlook 20

Perth’s CBD office market has seen a surge in activity in 1H10

Perth CBD average net face rents 1

$900 forecast $790

Net Face Rent (AUD per sqm p.a.)

$800 $720
$700
$600
$500
$400
$300
$200
$100
$0
Jan-08
Jan-06

Jan-07

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16
Premium Grade Grade A+ Grade A Grade B
 Market conditions 2

– Perth’s CBD office market has seen a surge in activity in the first six months of 2010. Existing tenants begin
to expand and take on additional space. Business confidence improved in line with the largest ever
recorded trade surplus for the June 2010 quarter

– The premium grade vacancy rate has decreased from 5.7% in Jan to 3.5% in July
1 CB Richard Ellis Perth Office Market Overview, September 2010
2 Colliers International research, Research & Forecast Report Perth CBD Office Q3, 2010
2. Solid fundamentals – growing demand 21

KeyPoint
 Tenancy activity: KeyPoint occupancy rate

Property management by KeyPoint Occupancy

85%
– 15 new leases and renewals have In-house team from May 09 81.1%
commenced in 4QFY10 with average 80%

rental range from $3.9 to $5.0 psf pm 75%

70%

– Non-renewals of 1,804 sq ft were 65%

66.2%
completely offset by new leases in 60%
4QFY10 with net take up of 10,090 sq ft 3Q08 4Q08 1Q09 2Q09 3Q09 1Q10 2Q10 3Q10 4Q10

Average
– Demand from IT services, consultancy rental range
business and trading company occupier KeyPoint Leases Number NLA S$ psf pm
New leases
12 11,894 4.0 – 5.0
(commenced 4QFY10)
– Committed occupancy is above 83%
Renewals 3 1,403 3.9 – 4.1

Total 15 13,297 3.9 – 5.0

2. Solid fundamentals – growing demand 22

China Square Central

 Growing occupancy:

– Committed occupancy has increased from

91.5% in June to 93.1% in September

– New leases and renewals signed include

 Mouth Restaurant – retail
 Don’s pie – retail
 Berkley Insurance Company – office

Committed As at As at
occupancy rate 30 June 2010 30 September 2010

Office 95.9% 96.4%

Retail 79.7% 84.1%

Total 91.5% 93.1%

 2. Solid fundamentals – growing demand 23

China Square Central

Lease expiry by gross rental income

80%

57.5%
60%

40%
26.2%
20% 15.5%

0.8% 0.0%
0%
FY11 FY12 FY13 FY14 FY15 and beyond

Number of leases expiring 29 53 24 2 0

NLA (sq ft) expiring 94,840 184,752 49,773 2,217 0

Expiries as % total Gross Rental Income 26.2% 57.5% 15.5% 0.8% 0.0%

Average passing rent $5.4 $6.1 $6.1 $6.8 $0.0

As at 30 September 2010. Excludes retail turnover rent

2. Solid fundamentals – asset enhancements 24

Central Park

 Asset Enhancement:
– Lavatory refurbishment for Central Park
office tower
– 44% out of 47 floors will be completed by
2010
– Target to refurbish 4 to 5 floors per year

 Commencement of lease:
– DLA Phillips Fox has commenced its 10
year lease over 2,640 sqm in Central Park
on 1st July 2010 with net signing rent of
A$725 psm pa. Occupancy increased to
98%

Before AEI After AEI

 2. Solid fundamentals – pipeline assets 25

FCOT’s developer–sponsor, providing quality assets for sustainable growth pipeline

Property Alexandra Point Valley Point

Description 24-storey office building
Net Lettable Area (NLA) 198,436 sq ft (18,435 sqm)
 Procter & Gamble
Key Tenants  Fraser & Neave
 American Bureau of Shipping
Car Spaces 186 lots
Valuation (S$m)1 154
Committed Occupancy 98.2%
20-storey office tower with a two-storey
retail podium
222,246 sq ft (20,647 sq m)
Office – 82.1%, Retail – 17.9%
 Manulife
 Olympus
 Sharp Electronics
346 lots
188.1
Office – 95.5%, Retail – 100.0%

1 As at 30 September 2010
 FCOT’s investment proposition
Contents 26
26

1. Stability of income
2. Solid fundamentals
3. Attractive valuation
 Fair asset values
 Attractive trading yield
 3. Attractive valuation – fair asset values 27

1.9% increase in portfolio value

Variance from last financial year

Local currency Translation as at
Date of Value 30 September 2010 Total variance Total variance
Asset valuation (millions) (S$ million) 1 (S$ million) (%)

China Square Central 30 September 2010 S$545.0 545.0 32.5 6.3%

55 Market Street 30 September 2010 S$119.7 119.7 0.2 0.2%

KeyPoint 30 September 2010 S$283.0 283.0 - -

Alexandra Technopark 30 September 2010 S$351.2 351.2 6.2 1.8%

Central Park 30 September 2010 A$287.5 2 360.2 11.2 3.2%

Caroline Chisholm Centre 30 September 2010 A$90.0 2 112.8 4.7 4.3%

Cosmo Plaza 30 September 2010 ¥3,120.0 48.9 (5.8) (10.6%)

Azabu Aco 30 September 2010 ¥1,430.0 22.4 (1.5) (6.2%)

Galleria Otemae 30 September 2010 ¥4,740.0 74.2 (9.6) (11.4%)

Ebara Techno-Serve 30 September 2010 ¥2,420.0 37.9 (1.6) (4.0%)

Existing Properties 1,955.3 36.3 1.9%

AWPF investment 30 September 2010 A$23.8 29.9 3.8 14.6%

1 Translated at ¥63.86= S$1.00 and A$1.00 = S$1.2528 being the prevailing spot rates at close of quarter accounts.
2 Represents FrasersComm’s 50.0% indirect interest in the asset.
 3. Attractive valuation – attractive trading yield 28

Trading at attractive yield & discount to NAV

Yield1 returns compared to Singapore 10-year bond2 NAV compared to share price3

FCOT 10-year Government bond yield NAV Share price

Yield % (¢)

27.0

6.8%
39% discount

16.5
450 bps
spread

2.3%

1 Based on annualised DPU of 1.12 (¢) /FCOT closing price as at 30 November 2010
2 As at 30 November 2010. Source: Singapore Government Securities website
3 As at 30 November 2010
Supplementary materials
 Results – Financial highlights 30

4Q DPU up 55% Y-o-Y

1 Jul 2010 – 30 Sep 2010 4Q Y-o-Y
Contributing factors
(S$ ‘000) FY10 Change (%)

 Full quarter contribution from Alexandra

Gross Revenue 29,291 Technopark and improved performance for KeyPoint
14% & Australia properties
 Increase in Gross Revenue carried through to NPI
Net Property Income 23,230 16% line

Total distributable income 14,252  Higher NPI contribution and lower finance costs
78%

- Unitholders 9,504 55%  Higher NPI contribution and lower finance costs

- CPPU holders 4,748 NM  Full quarter distribution for CPPU holders

Distribution per CPPU Unit (Cents) 1.39 NM  Full quarter distribution for CPPU holders

 DPU increased Y-o-Y in line with distributable

DPU (cents per Unit) 0.31 55% income

NM – Not meaningful
  Portfolio details (1) 31

Property China Square Central 55 Market Street KeyPoint Alexandra Technopark Central Park1
18,20 & 22 Cross Street,
Marsh & McLennan 438A/438B Alexandra 152-158 St Georges
Centre & 55 Market Street, 371 Beach Road, Terrace
Address Road
Singapore 048941 Singapore 199597
China Square Central Singapore 119967/8 Perth, Australia
Singapore 048423/2/1
Leasehold 99 years Leasehold 99 years Leasehold 99 years
Leasehold 999 years
Tenure commencing February commencing January commencing August Freehold
commencing April 1826
1997 1976 2009

Net lettable area 368,238 sq ft 72,109 sq ft 310,090 q ft 1,048,745 sq ft 356,663 sq ft

(NLA) (34,210 sqm) (6,699 sqm) (28,808 sqm) (97,432 sqm) (33,135 sqm)

Car spaces 394 Nil 227 905 421

Occupancy rate 100.0% 83.1% 81.1% 100.0% 98.0%

Valuation2 AS$287.5 million

S$545.0 million S$119.7 million S$283.0 million S$351.2 million
(30 Sep 2010) (S$360.2 million)

1 Represents FrasersComm’s 50.0% indirect interest in the asset.

2 Translated at A$1.00 = S$1.2528 being the prevailing spot rates at close of quarter accounts.

For the quarter ended 30 September 2010

  Portfolio details (2) 32

Caroline Chisholm Galleria Otemae Ebara Techno-Serve

Property Cosmo Plaza Azabu Aco Building
Centre1 Building Headquarters Building
Number 2, Tanimachi 2-
15, Nankokita 1-chome, Number 32-7, Higashi- Number 1-1, Haneda 5
Block 4 Section 13, chome,
Address Suminoe-ku, Osaka, Azabu 2 Chome, Minato- Chome,
Tuggeranong ACT 2900 Chuo-ku, Osaka-shi,
Japan Ku, Tokyo Ota-ku, Tokyo
Osaka-fu

Leasehold 99 years
Tenure Shoyu-ken* Shoyu-ken* Shoyu-ken* Shoyu-ken*
commencing June 2002

Net lettable area 216,591 sq ft 224,028 sq ft 15,944 sq ft 108,509 sq ft 52,050 sq ft

(NLA) (20,122 sqm) (20,813 sqm) (1,481 sqm) (10,081 sqm) (4,836 sqm)

Car spaces 1,093 234 2 48 20

Occupancy rate 100.0% 25.6% 100.0% 89.4% 100.0%

Valuation2 A$90.0 million ¥3.12 billion ¥1.43 billion ¥4.74 billion ¥2.42 billion
(30 Sep 2010) (S$112.8 million) (S$48.9 million) (S$22.4 million) (S$74.2 million) (S$37.9 million)

1 Represents FrasersComm’s 50.0% indirect interest in the asset.

2 Translated at ¥63.86= S$1.00 and A$1.00 = S$1.2528 being the prevailing spot rates at close of quarter accounts.
•Ownership rights under Japanese law, similar to Freehold
For the quarter ended 30 September 2010
Thank you

Frasers Centrepoint Asset Management (Commercial) Limited

Level 21 | 438 Alexandra Road | Alexandra Point | Singapore 119958
Tel: +65 6276 4882| Fax: +65 6276 8942| Email: fcot@fraserscentrepoint.com
www. fraserscommercialtrust.com